This is a book by author – Elaine Pofeldt & it primarily preaches about starting your own 1 person business and still yield around $1 Million in a year.
The fundamental goals are:
- Make great money
- Work the way you like
- Have the life you want
The Core Idea of the book is:
- Its easy for you i.e. yourself to start and setup an ultra-lean business
- Being ONE and still generate an annual turnover of $1 million or more
- 2015 census of USA there were more than 38,000 firms generated more than $1 Million in revenue with no employees other than the owner
Growing your business to 7 figures & beyond generally comes down to the same five basic types:
- Fund It
- Experiment, Iterate
- Amplify what works
- Build predictability
- Put systems in place
ULTRA LEAN BUSINESS
- As of 2010, 40% of all workers in the USA have chosen to forgo traditional secure jobs in favour of working for themselves. Armed with the right knowledge, tools & mindset, there’s no limit on what this growing group can create for themselves.
- The Internet is enabling individual entrepreneurs to connect with buyers. It has also opened up access to supply chains & provided capabilities & tools which were previously the sole domain of large corporations. It has become much easier to quickly set up a business’s legal structure, operations & distribution.
- Becoming self employed today offers 3 benefits:
- Control over your time
- Enough money to enjoy your work
- The independence to act as you like
- There are 6 categories of businesses which the majority of the successful ultra-lean one-person businesses have used:
- eCommerce
- Manufacturing
- Information Creation
- Professional Services
- Personal Services
- Real Estate
- All successful ultra-lean companies use:
- Outsourcing
- Automation
- Mobile Technologies — quite extensively to build, operate & grow their businesses.
- Methodology of successful ultra-lean businesses & the people who start them is that they all have:
- Identified a business idea which suits your skills, experience & interests
- Figure out how to launch it with as little startup money as possible
- Keep the business humming as you grow it, enjoy your life & give back
- The Million DOLLAR — 1 Person Business tend to share the following traits in common:
- Geekdom – Find an idea you are truly in love with
- Ditch the DIY – Do wha you do best ad outsource everything else
- Simplify – Your selling & your fulfilment systems
- Build a community – Find customers who share your passion
- See work differently – Revel in the fact you have choices, not orders from a boss.
- To achieve a turnover of $1 Million Plus with your 1 Person business, the key principles to apply are:
- Right-size your goals – Aim high but not so big it immobilises you.
- Clarify user value – Wha you can do to deliver value
- Know your tolerance for risk – How much investment you can put in?
- Get clear on what matters – Why you want to start a business?
- Consider all possibilities – There’s more ways to build a business than you might realise.
- How to make it happen?
- Fund it
- Experiment, Iterate
- Amplify what works
- Build Predictability
- Put systems in place
- Keep getting smarter
- Treat your business as a lab – and keep learning how to grow
- Stay focused – on where you add the most value
- Find help you can trust – outsource repetitive tasks so you can work smart & think strategically.
- Become an expert at A/B testing – let your customers help you grow
- Stay inspired – Always be on the lookout for fresh ideas.
- Realise & expand your vision:
- Retake your entrepreneurial temperature – ask whether your current efforts are heading in the direction you want to go
- Set some clear goals – And stay true to them until it makes sense to refresh them or evolve them.
- Consider whether you are prepared to reinvest in your business – simply want to keep it at its current size and operation